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Demonetization of Philippine Old Banknote Series

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Demonetization of Philippine Old Banknote Series A message from the Bangko Sentral ng Pilipinas 1 What is demonetization? Demonetization is the process of removing the monetary value of a legal tender currency by the issuing authority. Demonetized currency will no longer be accepted to pay for goods and services. 2 Common reasons why central banks demonetize their currency Prevention of Change in type/form of counterfeiting Benchmarking with other countries government Reduction to only 1 design series Change in type of currencies used for countries with 2 or more design within the country as part of political/ money caused by hyper- series of notes in circulation, for social reform 3 Why does BSP need to demonetize? ," Currencies in the world are demonetized because this is one way of safeguarding the integrity of the currency to protect it against counterfeiters. As a matter of practice, central banks around the world change the design of their currencies that have been in circulation for over 10 years. ," In the case of the Philippines, the old banknote series, introduced in 1985 or 30 years ago, is being replaced by the New Generation Currency (NGC) series which was launched in 2010. 4 What is the basis of the BSP for the demonetization of the old banknote series? What are the old banknote series to be demonetized? The New Design Series (NDS) Banknotes Year Year Issued Issued 2001 1987 1991 1987 2001 1986 1987 1997 2002 1985 2001 1985 6 The Old Banknote Series The New Design Series (NDS) Banknotes Features of the old banknote series that distinguishes it from our new banknote series: t Launched in 1985 tZFBSTJODJSDVMBUJPO t'FBUVSFTUIFPME#41MPHP tEFOPNJOBUJPOT , , , , BOEQJTP t4FDVSJUZUISFBEJTUIJOOFS t4FSJBMOVNCFSJTDPNQPTFEPGPSQSFýYMFUUFSTBOEUPEJHJUTXIJDIBSF OLD BSP LOGO VOJGPSNJOTJ[F (1993-2010) t5IFSFWFSTFTJEFPGUIFPMEOPUFTGFBUVSFTTJHOJýDBOUFWFOUTJO1IJMJQQJOFIJTUPSZ JDPOJDCVJMEJOHTBOEIFSJUBHFTJUFT 7 When did the BSP start the Demonetization process of the old banknotes series? JANUARY Under Monetary Board Resolution No. 1939, the Monetary Board has approved the commencement of START the Old Banknote Series demonetization process on: 1 2 0 1 5 Share of current volumes of old series and new series in circulation as of 31 December 2014 21% Pieces 79% Total BSP Notes Issued (New series) 2,681.00 mpcs Total BSP Notes Issued (Old series) 711.68 mpcs 8 What are the important dates for the Demonetization schedule? JANUARY DECEMBER 1 31 2 0 1 5 2 0 1 5 ," The old banknote series can still be used alongside the new banknote series for daily transactions to pay for goods and services. ," The BSP encourages the public to use/exchange the old banknotes in their possession within this period. 9 What are the important dates for the Demonetization schedule? JANUARY Effective January 1, 2016, the old banknote series can no longer be used in daily transactions to pay 1 for goods and services. 2 0 1 6 Only the new banknote series can be used for daily transactions starting January 1, 2016. 10 What are the important dates for the Demonetization schedule? ," The old banknote series can only be JANUARY DECEMBER exchanged at face value, free of charge, in authorized agent banks and at the BSP Cash Department or any of its Regional 1 31 and Branches. 2 0 1 6 2 0 1 6 ex ch an ge yo ur o ld se ries fo r the new series 11 2)%("% r#"()#",34*+(%&("$%(#5"6*+"()#"7#3*&#(,-%(,*&"5 chedule? JANUARY 1 2 0 1 7 ," The "old "banknote "series "shall "cease "to "be "a"liability "of "the "BSP "and "shall "be "consider#$" demonetized ," The "old "banknote "series "can "no "longer "be "used "in "daily "transactions "to "pay "for "goods "%&$" services "and "can "no "longer "be "exchanged "at "the "Bangko"Sentral "or "any "BSP "%'()*+,-#$" %.#&("/%&01 12 2015 IMPORTANT From January 1 to December 31, 2015 – REMINDERS The old banknote series can still be used for daily transactions 2016 Only the New From January 1 to December 31, 2016 – Generation The old banknote series can no longer be used for daily transactions and can only be exchanged in Currency authorized agent banks and BSP Cash Department of any of its Regional banknotes will remain as legal 2017 tender in the Starting January 1, 2017 - Demonetized, no more monetary value. country 13 What are the New Banknote Series t/($CBOLOPUFTFSJFTXBT MBVODIFEPO%FDFNCFS t'FBUVSFTUIFOFX#41MPHP tEFOPNJOBUJPOT BOEQJTP NEW BSP LOGO t4FDVSJUZUISFBEJTXJEFS (June 2010-Present) t4FSJBMOVNCFSJTDPNQPTFEPGPS QSFýYMFUUFSTBOEPSEJHJUTXIJDIBSFJODSFBTJOHJOTJ[F t5IFSFWFSTFTJEFPGUIFOFXOPUFTGFBUVSFT JDPOJD OBUVSBM XPOEFST BOE TQFDJFT UIBU DBO CFGPVOEJOUIFDPVOUSZ. t6TFTOFXTFDVSJUZGFBUVSFTUPFOTVSFUIFTBGFUZPGUIF QVCMJDBHBJOTUDPVOUFSGFJUFST Level I Security features that can readily be detected by the general public without the use of any equipment Level II Security features that can be detected using simple equipment. 14 Characteristics & security features of the Philippine Banknotes NDS NGC Watermark Watermark Security Thread Security Thread Security Fibers Security Fibers Iridescent Band 1st Level Embossed Prints Embossed Prints Serial Number Serial Number 1st See-Through Mark See-Through Mark Level Concealed Value Concealed Value Optically Variable Ink (OVI) Optically Variable Ink (OVI) Optically Variable Device Patch Micro-printing Micro-printing 2nd Fluorescent Features Fluorescent Features 2nd Level Level 15 What banknote series will now be used in the Philippines? The New Generation Currency Banknotes 20-PISO 200-PISO President Manuel L. Quezon , Filipino as the National Language 1935 President Diosdado P. Macapagal , EDSA People Power II Janu- Malacañan Palace , Seal of the Republic of the Philippines , New BSP Seal ary 2001 Independence House , Barasoain Church , Seal of the Republic of the Philippines , New BSP Seal 50-PISO 500-PISO President Sergio Osmeña , First National Assembly 1907 Icons of Democracy: President Corazon C. Aquino and Senator Benigno S. Leyte Landing , Seal of the Republic of the Philippines , New BSP Seal Aquino, Jr. EDSA People Power I February 1986 , Benigno S. Aquino, Jr. Monument , Seal of the Republic of the Philippines , New BSP Seal 100-PISO 1000-PISO President Manuel A. Roxas , Central Bank of the Philippines War Heroes: Josefa Llanes Escoda, Jose Abad Santos and Vicente Lim , 1949 Inauguration of the Third Republic, 4 July 1946 , Seal of the Centennial of Philippine Independence 1998 , Medal of Honor , Seal of the Republic of the Philippines , New BSP Seal Republic of the Philippines , New BSP Seal 16 Reverse side of the New Generation Currency Banknotes 20-PISO 200-PISO BanaueRice Terraces (UNESCOWorldHeritageSite) Bohol Chocolate Hills , Tarsier Palm Civet , Indigenous weave design from the Cordilleras Indigenous weave design from the Visayas 50-PISO 500-PISO Taal Lake , Maliputo Fish Puerto Princesa Subterranean River National Park Embroidery design from Batangas province (UNESCO World Heritage Site) , Blue-naped Parrot Indigenous weave design from Southern Philippines 100-PISO 1000-PISO Mayon Volcano , Whale Shark Tubbataha Reefs Natural Park (UNESCO World Heritage Site) Indigenous textile design from the Bicol region South Sea Pearl , “T’nalak” or “Ikat” - dyed abaca woven in Mindanao 17 Frequently asked questions on the Demonetization schedule WHY IS THE BSP REPLACING OUR BANKNOTES? HOW CAN PERSONS LIVING ABROAD EXCHANGE THEIR OLD- Currencies in the world are demonetized because this is one SERIES BANKNOTES FOR NGC BANKNOTES? way of safeguarding the integrity of the currency to protect it Persons living abroad, who have in their possession banknotes against counterfeiters. As a matter of practice, central banks from the old series, which they cannot exchange within the around the world change the design of their currencies that have prescribed period may register online from October 1 to Decem- been in circulation for over 10 years. ber 31, 2016 through the BSP website (www.bsp.gov.ph). These persons can exchange their banknotes with the BSP within one In the case of the Philippines, the old banknote series, (1) year from the date of registration. introduced in 1985 or 30 years ago, is being replaced by the New Generation Currency (NGC) series which was launched in 2010. WILL PERSONS STILL BE ABLE TO EXCHANGE THEIR BANK- NOTES FROM THE OLD SERIES ON THE LAST BANKING DAY OF WHAT ARE CONSIDERED AS AUTHORIZED AGENT BANKS OF 2016? THE BSP? Yes, they can still exchange banknotes from the old series on the Any banking institutions - universal banks, commercial banks, last banking day of 2016. thrift banks (savings bank and private development banks) and rural banks, which are under the supervision of the BSP, are IF THE BANKS ACCEPT THE OLD BANKNOTE SERIES DEPOSITS considered authorized agent banks. ON THE LAST BANKING DAY, CAN THEY STILL DEPOSIT THE SAME TO THE BSP IN 2017? CAN A PERSON EXCHANGE HIS/HER BANKNOTES OF THE OLD Yes, provided NDS notes in said transaction have been included SERIES IN ANY AUTHORIZED BANK EVEN IF HE/SHE IS NOT A in the consolidated report of the bankís NDS banknote holdings DEPOSITOR? submitted to BSP. BSP will be issuing guidelines on this matter Yes, the public can exchange/surrender their old banknote in due time. series for the new banknote series at face value in any author- ized agent bank even if they are not depositors of the said bank. WILL THE BANKS BE PENALIZED FOR HAVING BANKNOTES FROM THE OLD SERIES IN THEIR POSSESSION IN 2017? WHAT IS THE MAXIMUM AMOUNT A PERSON CAN EXCHANGE Guidelines on this matter will be issued to all banks once this DURING THE DEMONETIZATION PERIOD? has been "nalized and cleared with senior management of the None. There is no limit on the amount of old banknotes that can BSP. be exchanged for NGC notes. Old banknotes can be exchanged at face value without charge in any authorized bank or BSP of"ces/branches. 18 WHERE ARE THE REGIONAL OFFICES/BRANCHES OF THE BSP? BANGKO SENTRAL NG PILIPINAS (MAIN OFFICE) :$%;3<=>=%?'@$%A$%B?3CD'%EFG$H%;3#3F"H%;3>=#3%%#%%!"#(%)*,-%+*./++*8 SECURITY PLANT COMPLEX I3GF%:J"$H%K=#=C3>H%LM"N'>%O=FP%%#%%!"#(%)*,-%5../7.** Regional Offices and Branches LA UNION REGIONAL OFFICE DAVAO REGIONAL OFFICE CEBU REGIONAL OFFICE Quezon Ave., San Fernando City La Union E.
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